Innovation Women Speak! Not Just Another Personal Finance Lesson
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The document outlines the concept of 'Wealth Alpha', which focuses on maximizing personal resources and crafting a bespoke financial plan centered around individual definitions of success. It identifies eight key pillars essential for achieving wealth: investment planning, risk management, liabilities management, cash flow management, retirement planning, distribution at death, tax planning, and goal setting. The document emphasizes the importance of creating a personalized financial strategy while utilizing available resources to achieve financial wellness.
Innovation Women Speak! Not Just Another Personal Finance Lesson
- 8. ©2019 Enhanced Solutions Advisors, LLC
- 11. Not Just Another Personal Finance Lesson! ENHANCE YOUR ALPHA, FUEL YOUR DREAMS ™ RENEÉ CAPUTI, MBA, JD, LLM ENHANCED SOLUTIONS ADVISORS, LLC
- 12. What is Wealth Alpha™? ______________ Have you maximized your resources? What is your definition of success? Wealth Alpha™ is the difference each and every one of you can make in your own lives – and the lives of others – by capitalizing on the unique blend of resources, connections, and know how you possess. Wealth Alpha™ is the synergy created at the intersection of business and life when a plan is built around what truly matters to you. Wealth Alpha™ is taking control of your Legacy by creating your own definition of success and crafting a plan around what motivates and inspires you. Wealth Alpha™ IS NOT financial planning. A financial plan is a part of the journey our Wealth Alpha™ roadmap takes us on. ©2020 Enhanced Solutions Advisors, LLC
- 13. 8 Key Factors to Wealth Alpha™ INVESTMENT PLANNING - PROPER DIVERSIFICATION OF ASSETS - RISK TOLERANCE AND GOAL TIMING RISK MANAGEMENT - 1ST LINE OF DEFENSE: PROPER INSURANCE AUTO, HOME, PROPERTY, UMBRELLA LIFE, DISABILITY, LTC, BUSINESS LIABILITIES MANAGEMENT - BUSINESS RATIOS TO MANAGE FAMILY FINANCES CASH FLOW MANAGEMENT - WHEN, WHERE, AND WHY OF YOUR ECONOMY RETIREMENT (BUSINESS SUCCESSION) PLANNING - WHAT DOES THE NEXT STAGE LOOK LIKE? - HOW DO I FUND THAT VISION? YOUR DISTRIBUTION PLAN AT DEATH - PROBATE AVOIDANCE & PRIVACY - ESTATE PLANNING ISN’T JUST ABOUT TAXES TAX PLANNING STRATEGIES - KEEPING MORE OF WHAT YOU EARN GOAL SETTING - THE WHY OF THE WORK ©2020 Enhanced Solutions Advisors, LLC
- 14. PROPER DIVERSIFICATION OF ASSETS ASSET CLASSES LOCATIONS PROPER DIVERSIFICATION OF INCOME EARNED PASSIVE PROPER DIVERSIFICATION OF TAX TREATMENT TAXABLE INCOME TAX DEFERRED INCOME TAX FREE INCOME RISK TOLERANCE AND GOAL TIMING HOW MUCH VOLATILITY AM I COMFORTABLE WITH? WHAT RISK LEVEL IS BEST FOR MY TIME HORIZON? Matching your Investment Plan to your Time Horizon is a Key Driver in Creating Wealth Alpha™ #1 Investment Planning _____________ Am I taking more risk than I should? Am I making less than I should be? ©2020 Enhanced Solutions Advisors, LLC
- 15. Investment Planning Stock Options What They Are Options to Purchase Employer Stock Exercise if Market Price is Above Option Price Why They Matter Some Taxed at Award, Some at Exercise/Sale Must Know Important Dates & Requirements Non-Qualified Accounts What They Are Brokerage Accounts Direct Held Investments Annuities Why They Matter Some Taxable as you Earn Some Taxable at Withdrawal Qualified Retirement Plans What They Are Defined Benefit Defined Contribution Why They Matter Who Bears the Burden of Performance Individual Retirement Accounts What They Are ROTH or Regular IRA SEP IRA Why They Matter Different Tax Treatment at Deposit Different Tax Treatment at Retirement ©2020 Enhanced Solutions Advisors, LLC
- 16. PROPER TITLING WHO DOES YOUR ASSETS REALLY BELONG TO? PROPERLY INSURED WHAT HAPPENS IF SOMEONE ELSE GETS HURT WHAT HAPPENS IF I GET HURT HOME AND AUTO HEALTH UMBRELLA LIFE DISABILITY LONG TERM CARE BUSINESS COVERAGES Risk Mitigation is a Key Driver in Creating Wealth Alpha™ #2 Risk Management ____________ _ Am I properly Covered? ©2020 Enhanced Solutions Advisors, LLC
- 17. Risk Management ASSET TITLING SINGLE NAME, TENANTS IN COMMON, JOINT W/RIGHT OF SURVIVORSHIP JOINT TENANTS BY ENTIRETY (FOR MARRIED COUPLES) DIVERSIFICATION NOT JUST INVESTMENT ASSETS, BUT SOURCES OF INCOME, TAX TREATMENT OF CASH FLOWS, REAL ESTATE LOCATIONS, ETC… LIABILITY INSURANCE AUTO, HOMEOWNERS, AND OTHER PROPERTY POLICY LIMITS (I.E. MOTORCYCLE, BOAT) UMBRELLA POLICY LIMITS AND BUSINESS LIABILITY COVERAGE PROPERTY INSURANCE HOME, OTHER REAL ESTATE, AUTO, BOAT, RV, MOTORCYCLE BUSINESS PROPERTY COVERAGE LONG TERM CARE INSURANCE WHO WILL PICK UP THE TAB FOR YOUR CARE? LIFE INSURANCE: PURCHASE OF REPLACEMENT OF INCOME LIQUIDITY TO PAY ESTATE TAXES IRA MAXIMIZATION FUND CHARITABLE GIFTING INTENTIONS LIFE INSURANCE: ALREADY IN PLACE 1035 EXCHANGE: ANALYZE POLICIES FOR A) ADDITIONAL BENEFITS FOR SAME PREMIUM B) SAME BENEFITS FOR LOWER PREMIUM DISABILITY INSURANCE SHORT TERM DISABILITY COVERAGE LONG TERM DISABILITY COVERAGE INCOME REPLACEMENT LIMITS ©2020 Enhanced Solutions Advisors, LLC
- 18. #3 Liabilities Management ______________ Do you have healthy money management skills? Do you know your financial wellness ratios? Net Worth = Assets (what you own) – Liabilities (what you owe) Liabilities reveal a lot about your relationship with money Liabilities become problematic if they significantly exceed your assets, this causes a negative net worth Liabilities can cause problems by interfering with your ability to pursue financial goals, like saving for retirement or building up an emergency fund The type of debt you incur is also an important factor Some liabilities can help increase your net worth over time home mortgages, business loans, or student Loans Other liabilities don’t add to your net worth credit card debt from buying clothes and dining out Using Debt Wisely is a Key Driver in Creating Wealth Alpha™ ©2020 Enhanced Solutions Advisors, LLC
- 19. Liabilities Management Wellness Ratios Asset to Debt Ratio = Total Assets/Total Liabilities Compares assets accumulated against liabilities Want this to be rising over time (years) Liquidity Ratio = Cash/Monthly Committed Expenses Ability to meet committed expenses in an emergency 3-6 is the minimum recommended Debt Service Ratio = Short-term Liabilities/Total Income Percentage of income being used for debt repayment Lower Ratio = Better Debt Management Saving Ratio = Monthly Surplus/Monthly Income Percentage of your income being saved Higher Ratio = Better Money Management Skills ©2020 Enhanced Solutions Advisors, LLC
- 20. #4 Cash Flow Management ______________ Do you spend less than you make? Do you know what your bank balance will be in 6 months? Positive Cash Flow is a Key to Financial Wellness Net Worth Statement is a snapshot in time Personal balance sheet on a given day Cash Flow Statement is a management tool Similar to a budget or escrow analysis Shows timing of income & expenses The When, Where, & Why of your cash flow When are inflows received & Where from? When are outflows due & Where to? Creating and Using a Cash Flow Statement is a Key Driver in Creating Wealth Alpha™ ©2020 Enhanced Solutions Advisors, LLC
- 21. #5 Retirement or Business Succession Planning ______________ _ What does life after “work” look like for you? WHEN DO I WANT TO “RETIRE”? ESTABLISHES TIME HORIZON FOR PLANNING WHERE DO I WANT TO LIVE? Cost of living can vary wildly HOW DO I WANT TO SPEND MY TIME? BUCKET LIST ACTIVITIES YOU ENJOY NOW OR WANT TO TRY WHAT DO YOU WANT SAID AT YOUR EULOGY? HOW DO I FUND THAT VISION? ESTIMATE EXPENSES ESSENTIAL – THE MUST HAVE LIST DISCRETIONARY – THE NICE TO HAVE LIST IDENTIFY INCOME SOURCES GUARANTEED – PENSIONS, SOCIAL SECURITY VARIABLE – DIVIDENDS, INTEREST, CAPITAL GAINS DISCRETIONARY – WORK OR ADDITIONAL SAVINGS Having a Financial Plan is a Key Driver in Creating Wealth Alpha™ ©2020 Enhanced Solutions Advisors, LLC
- 22. #6 Distribution at Death ______________ Have you left behind a Legacy or Labor for your family? Estate Planning is important – for everyone, not just people with large estates! Proper planning not only minimizes taxes & expenses associated with distributing assets at death, it also: Helps ensure your estate is distributed according to your wishes Outlines preferred medical treatment in cases of incapacity Designates who manages your assets during your incapacity Proper estate planning also helps reduce or eliminate probate costs associated with distributing your assets at death If you care for children or incapacitated family members: it is crucial for you to have the proper documents in place to name the guardian of those loved ones Without a document directing your choices it is up to the court to decide who is best to care for those loved ones Even with a proper estate plan in place, it should be reviewed every 2-3 years to assure it still fulfills your needs and legacy plan Communication of your wishes is a Key Driver in Creating Wealth Alpha™ ©2020 Enhanced Solutions Advisors, LLC
- 23. 4 Ways Assets Pass to Heirs Contract By Contract • Cases where there is a named beneficiary on the account of the deceased • Example: Life Insurance, IRA’s, Qualified Retirement Plans, Pensions, Annuities, and accounts that have a Payable on Death or Transfer on Death designation on them Law By Law • Cases where the titling on the account names a joint owner who automatically receives the asset at the other owner’s death • Example: account titles Joint tenants w/right of survivorship or Joint tenants by the entirety (reserved for married couples) Trust By Trust Terms • Assets passing by Trust Terms are those that are directed by the terms of a Trust. • Those can take the form of Revocable Trusts or Irrevocable Trusts • By placing the assets subject to the Trust terms, timing & amount of distributions can be controlled to protect the assets Probate By Probate • This process is how any assets distributed via your Will are handled. • This process is public. • There are fees and expenses associated with this process. • The fees and expenses associated apply – even to small estates. ©2019 Enhanced Solutions Advisors, LLC
- 24. Documents Needed for your Plan Will Power of Attorney • Financial or General Power of Attorney • Medical Power of Attorney Living Will – Advanced Medical Directives Revocable Trust – Basic Planning Trust • May include testamentary trusts: credit shelter or marital deduction Additional Planning Trusts – Not needed for every Plan • Irrevocable Life Insurance Trust • Spousal Lifetime Access Trust • Other Irrevocable Trust: Special Needs, Dynasty, etc Do I have all of these in place? Have they been reviewed in the last 3-5 years? ©2020 Enhanced Solutions Advisors, LLC
- 25. #7 Tax Planning ______________ Are you paying the least amount of taxes you can? Tax Planning with Intention What are the rules and laws that apply to my situation How can I adjust my situation to take advantage of savings afforded me? Understanding how you are taxed and what breaks, credits, or deductions you qualify for is a Key Driver in Creating Wealth Alpha™ ©2020 Enhanced Solutions Advisors, LLC
- 26. #8 Goal Setting _____________ _ What do I do with all this information? How do I get there? Who do I have on my bus? What is the most efficient path to my goals? How do I overcome roadblocks? What is your definition of success? What is “enough” for you? What does your ideal tomorrow look like? What lifestyle do you want to live? Are you living it now or is it something you aspire to? Why do you work so hard? What matters most to you? ©2020 Enhanced Solutions Advisors, LLC
- 27. Summary ______________ Have I set myself up for optimal chance of achieving my personal definition of success? 8 Key Pillars to Wealth Alpha™: 1) Investment Planning 2) Risk Management 3) Liabilities Management 4) Cash Management 5) RETIREMENT PLANNING OR BUSINESS SUCCESSION PLANNING 6) DISTRIBUTION PLAN AT DEATH 7) TAX PLANNING STRATEGIES 8) GOAL SETTING Discuss changes with your advisors: Plan to take advantage of new provisions Adjust estate & financial plans as life changes Savings found can make funds available for other goals Map Route For Your Bus to Follow in Reaching Your Goals! ©2020 Enhanced Solutions Advisors, LLC
- 28. How Do I Get Started? Who is on your Wealth Alpha™ bus? • Who is on my Financial Wellness team? • Who do I need to add to my team? Take Stock Apply a unique resource to your Goals: One way in the next 30 days • How can I apply a unique resource I have to help reach my Financial Wellness goals? Apply Resources Discuss 3 things from the session with your advisor • Discover ways to maximize your savings • Discover ways to plan for the year ahead Discuss ©2020 Enhanced Solutions Advisors, LLC
- 29. Putting Goals into Action ___________ Do you want help getting started? Your Wealth Alpha™ Enhanced! 1 Day Workshop Retreat Online Learning 1:1 Coaching ©2020 Enhanced Solutions Advisors, LLC
- 30. Learn More _____________ _ Which way do I prefer to learn? 1:1 Coaching Personalized for your situation 1x conversation or topic deep dive Start at any time Weekend Retreat Getaway Retreat Style, Learning in Luxury 5 Days: Thursday to Monday November in Florida One Day Local Workshop Focused Session to get you jump started 1 Day Next Virtual Workshop May 20th Online Mastermind 12 topics: 8 Key Drivers, 4 Timely Topics 1 topic covered every month Next group starts April 15th ©2020 Enhanced Solutions Advisors, LLC
- 31. For More Information, [email protected] _________________________________ or visit www.enhanceyouralpha.com ©2020 Enhanced Solutions Advisors, LLC
- 32. Thank you for attending! Please don’t forget to give us your feedback! Renee’ Caputi Enhanced Solutions Advisors, LLC www.enhanceyouralpha.com ©2020 Enhanced Solutions Advisors, LLC
- 33. ©2019 Enhanced Solutions Advisors, LLC
Editor's Notes
- #2: Welcome to Innovation Women Speak! Webinar series. I’m Bobbie Carlton, the founder of Innovation Women. Innovation Women is a visibility bureau for entrepreneurial, technical, and professional women. We connect women with speaking opportunities and we connect event managers with awesome speakers, who just happen to be women. Our mission is to eliminate the all-male all-stale all-pale panels you see so often at industry events. <next slide>
- #3: Innovation Women is… <next slide>
- #4: Innovation Women is so much more than a traditional speakers bureau. Event managers can search the database for free and speaker pay $100 a year to become a member. <next slide>
- #5: Some features of our site include… <next slide>
- #6: If you’d like more information on Innovation Women, check out our website. For our webinar attendees, we have a special offer of 20% off your first year until midnight tonight. Use code IWWEBINAR to take advantage of this offer! Speakers on our site get awesome perks like hosting these webinars! <next slide>
- #7: This year, our webinars are themed each month and we post the calls for speakers on our own platform! If you’re interested in hosting one of our webinars, apply on the site with your proposed webinar talk. The deadline to apply to the May 13th webinar on Mental Health Awareness is April 13th.. <next slide>
- #8: Before we get started today, I’d like to encourage you to register for our next webinar. On April 15th, Lonna Carter will join us to discuss financial literacy, in ”Be Informed: Balance Sheet and Income Statement Basics”. You’ll learn: · How to read and understand the interplay of a balance sheet and income statement. · How these accounting reports inform on the financial health of a business. · To identify smart questions that may reveal additional financial information that will help you prepare for seeking additional investments or decide whether to invest in another company. We hope you’ll join us. You can register for this webinar in the attachments tab. <next slide>
- #9: In addition to our regular webinar series, I will be having a conversation with one of our Innovation Women speakers, Joan Michelson this Friday. We will be discussing the opportunities in staying home during this time. Though many of us feel trapped and a bit at wit’s end, we can use this time to move our goals forward. If you’re not sure what projects to tackle, or how to find the opportunities in this tough time, or just want to brainstorm with us, join us for this webinar. You can also register for this webinar in the attachments tab. <next slide>
- #10: This is an annotated version of your screen. Below the video viewing window, there are tabs. The default tab is “Ask a Question”. You can type in a question, or comment at any point during the program. The “Attachments” tab is where you’ll see documents and links from today’s speaker -- and the link to sign up for our next webinar - you can download the attachments at any time during this webinar, and from the recording. The tab called "Rate This” helps us determine what you like. We read all the feedback so feel free to let us know what you think. And, you can enlarge your screen to view it in full-screen mode. If at any time you need audio help – feel free to click on the Help button at the bottom of the screen. And, today’s webinar is being recorded, so if you’d like to view this webinar again you will be able to through the link we send you in an email after the webinar. Now – on to today’s presentation. <next slide>
- #11: With us today is Reneé Caputi– Reneé is the founder and CEO at Enhanced Solutions Advisors. Reneé Caputi is a trusted Advisor that provides consultative and advisory wealth planning to Cross-Border and US Entrepreneurs and Families. For those listening – please note you can ask a question at any time and this webinar is being recorded for future playback at your convenience. She believes that by making information more accessible, decision processes more transparent, and data more trackable she can help you Enhance your Alpha™ We’re very excited to have you join us Reneé…and I’ll turn it over to you now. <next slide>